Yesterday was a day of celebration for the Athens Stock Exchange, as market and government representatives viewed the start of trading in Safe Bulkers shares on the main market of Euronext Athens as a historic moment for the Greek capital market.
This marks the first listing of a shipping company’s shares on the Greek Stock Exchange, which took place as part of Safe Bulkers’ dual listing, while its shares will continue to be traded simultaneously on the New York Stock Exchange (NYSE), where they are already listed.
In fact, the company’s chairman and CEO, Polys Hatzioannou, stated that he expects other shipping companies to follow Safe Bulkers’ example.
“I would like to thank Piraeus Bank, our lawyers, and the Hellenic Capital Market Commission for their cooperation over the past few months in establishing the regulatory framework, one that will attract other major Greek shipping companies to list on the Athens Stock Exchange. “I am confident that this will very soon begin to take shape,” Mr. Hatzioannou stated after ringing the bell to open the session.
During the press conference that followed, the chairman and CEO of Safe Bulkers recalled that the question of a potential listing on the Athens Stock Exchange had also been raised in 2022, when the company’s bond was issued on the Greek market.
At that time, he had responded that he would consider that option, but certain conditions would first need to improve and the platform would need to be in place. Now, as he said, “with the acquisition by Euronext and the eight pan-European stock exchanges, shipping companies are in need of capital.”
“The fleet is being renewed; there is a huge need for new ships. Dual-fuel ships will also be coming. We have two on order,” he added.
Safe Bulkers, which has been listed on the New York Stock Exchange since 2008, operates internationally in dry bulk shipping, with its vessels primarily transporting iron ore, coal, and grain, while bauxite, fertilizers, and steel products are transported as secondary cargo. The company’s fleet consists of 45 vessels, with 11 newbuilds currently on order. In 2025, its revenue reached $288 million.
What was the decisive factor for the listing on the Athens Stock Exchange
When asked whether Euronext’s acquisition of the Athens Stock Exchange was the decisive factor in their own listing, Mr. Hatzioannou replied: “It was certainly the main reason. The fact that the Greek Stock Exchange was acquired by the Euronext network was a huge vote of confidence in the Greek economy. It shows that Greece is moving forward and growing stronger. Foreign investment has only helped the country. We are seeing growth rates we didn’t see in the previous decade. You can see the investments being made in Elliniko and other major projects in Greece.”
“All of this provides a huge boost, and it was certainly what attracted us as well. In other words, this isn’t an offering aimed primarily at the Greek investment community, but through the platform in Athens, we’re reaching out to Oslo, Paris, Brussels, Milan, and other countries where funds are based, etc. “It is also beneficial for Greek shipping to have a parallel foothold in New York because there are now tensions around the globe,” he added.
Furthermore, Mr. Hatzioannou commented that “Europe is slowly realizing that it must stand on its own two feet and must have strategic autonomy. You cannot have strategic autonomy as a region without having your own ships. Ships carry the cargo. There must be European ships in Greece, Cyprus, and other countries that support the European economy,” while he described shipping as a “pillar of European security.”
Opportunities opening up for Greek shipping
Next, regarding the impact of global geopolitical instability on the sector, the chairman and CEO of Safe Bulkers explained that due to the conflict between the U.S. and Iran, the Strait of Hormuz has been closed, while the Panama Canal is handling very few ships. As he said , “distances have increased. Ships are traveling 15,000 miles instead of 5,000 miles. This reduces supply in the market. For shipowners, however, this is a major benefit. In my opinion, it will present a great opportunity, and we are already seeing this with massive orders for new, economical ships.”
According to him, shipping companies are currently renewing their fleets by switching to new-technology ships that consume less fuel than decade-old vessels.
“All of this contributes to the decarbonization of shipping. It’s a golden opportunity, and we see that all our colleagues are renewing their fleets now. Greece will once again hold the reins. We are number one in Europe. Sixty percent of European shipping is Greek, as is 22% of global shipping. “It is a tremendous power in the hands of the current Greek and Cypriot governments that they indirectly control such a large portion of global trade,”concluded Mr. Hatzioannou.